30th May 2018 10:54
LONDON (Alliance News) - Oxford Metrics PLC on Wednesday reported a double-digit revenue growth in the first financial half, but profit dipped on increased costs.
The software firm reported pretax profit of GBP1.2 million for the six months ended March 31, down slightly from GBP1.5 million for the same period the prior year, mostly as a result of higher expenses.
Sales, support and marketing costs rose year-on-year to GBP3.5 million from GBP1.2 million while administrative expenses grew to GBP3.7 million from GBP3.3 million. Research and development costs were also higher at GBP1.8 million compared with GBP1.5 million posted the year before.
Meanwhile, revenue set a new record of GBP14.3 million, up 11% from GBP12.9 million a year earlier, reflecting the full-year effect of investment activities relating to the five-year plan made in 2017, Oxford Metrics said. On a constant currency basis, revenue grew by 16%.
Oxford Metrics reported 14% revenue growth to GBP11.0 million from GBP9.6 million in its Vicon motion-measurement software division in the first half, while revenue for its surveying and software firm Yotta remained flat at GBP3.3 million.
"This has been an encouraging start to the year. We have delivered double-digit revenue growth as the targeted investments in our development teams and sales channels begin to pay off," said Chief Executive Nick Bolton.
"As we enter the second half, the sales pipelines remain strong - all of which underpins our confidence in delivering in line with current market expectations for the full year as well as on our long term growth prospects," Bolton added.
Shares in Oxford Metrics were trading 6.3% lower on Wednesday at 72.65 pence each.
Related Shares:
Oxford Metrics